Need some time to pay my emi regularly
1 year ago
I took a mortgage loan in Jan 2019 of Rs 12 lakhs for expansion of my business, just before COVID 19 hit. When the second wave of COVID hit the same lender provided me an option of a second loan 2.5 lakhs which I took assuming that these bad phase will over but my business collapsed miserably and I am not able to pay my emi for now, i have been paying till now though. The bank is threatening me to auction my property. Kindly Help.
A.Dear Client,
You will have to repay the loan you took but the following are few ways to help yourself in this situation.
Right to humane treatment
Lenders do engage recovery agents to pressurize borrowers into repaying their loans. However, the agents cannot cross the line that banks have agreed upon as part of their code of commitment to customers. These third-parties can contact defaulters either at a place specified by the latter, residence or workplace. Moreover, they can make such visits at the borrowers place generally between 7 am and 7 pm. They cannot violate the norms of decency and civil behavior during these visits. In case the agents attempt to intimidate or humiliate the borrowers or their family members, the latter can raise the matter with the lenders and finally, the banking offices.
Credit counseling
Getting credit counseling will help you understand your situation and come up with a new perspective to solve it. Credit counseling provides guidance and support on your credit, money, debt management, and budgeting. The objective of most credit counseling is to help a debtor avoid bankruptcy and to provide primary financial education on money management. Many counseling services also negotiate with creditors on behalf of the borrower to reduce interest rates and late fees on their loans. Depending on your situation, your counselor may suggest a debt management plan for you.
Public assistance
You can make use of public assistance facilities in many areas. Local utilities, the government, and others provide guidance to people who need help paying their bills. These programs could provide enough relief to help you in managing and to stay on top of your loan repayments.
Thank you so much, I hope this answer helped you.
You will have to repay the loan you took but the following are few ways to help yourself in this situation.
Right to humane treatment
Lenders do engage recovery agents to pressurize borrowers into repaying their loans. However, the agents cannot cross the line that banks have agreed upon as part of their code of commitment to customers. These third-parties can contact defaulters either at a place specified by the latter, residence or workplace. Moreover, they can make such visits at the borrowers place generally between 7 am and 7 pm. They cannot violate the norms of decency and civil behavior during these visits. In case the agents attempt to intimidate or humiliate the borrowers or their family members, the latter can raise the matter with the lenders and finally, the banking offices.
Credit counseling
Getting credit counseling will help you understand your situation and come up with a new perspective to solve it. Credit counseling provides guidance and support on your credit, money, debt management, and budgeting. The objective of most credit counseling is to help a debtor avoid bankruptcy and to provide primary financial education on money management. Many counseling services also negotiate with creditors on behalf of the borrower to reduce interest rates and late fees on their loans. Depending on your situation, your counselor may suggest a debt management plan for you.
Public assistance
You can make use of public assistance facilities in many areas. Local utilities, the government, and others provide guidance to people who need help paying their bills. These programs could provide enough relief to help you in managing and to stay on top of your loan repayments.
Thank you so much, I hope this answer helped you.
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A.Dear Client
Once the loan is taken then it has to be repaid and that's the rule. Since you cannot repay now so have a discussion with the bank to arrive at a settlement for paying small EMIs. In case you completely fail to pay then they are going to auction the mortgaged property.
Once the loan is taken then it has to be repaid and that's the rule. Since you cannot repay now so have a discussion with the bank to arrive at a settlement for paying small EMIs. In case you completely fail to pay then they are going to auction the mortgaged property.
Helpful
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Share
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